Operator Statoil and its PL146/PL333 partner Total E&P Norge have made a gas and condensate discovery in the Julius prospect in the King Lear area in the North Sea.
The discovery well 2/4-23S, drilled by Maersk Gallant, proved gas and condensate in the Ula formation. Statoil estimates the volumes in Julius to be between 15 and 75 million barrels of recoverable oil equivalent.
The well 2/4-23S aimed to appraise the King Lear gas and condensate discovery made by the PL146/PL333 partnership in 2012. It provided information on reservoir distribution and reservoir communication in the King Lear discovery. The acquired data will be further analyzed, and King Lear volumes are expected to stay within the range of 70 million to 200 million barrels of recoverable oil equivalent.
Following the positive results of the Julius well, the partnership will start working on an optimal plan for a timely development of the discovered resources, and the Julius discovery will be included in the resource base for a future PL146/PL333 development decision.